Economics
The three basic questions all societies must answer
Measures the sensitivity or responsiveness of supply or demand when a change in prices occurs
What is elasticity?
People leave companies because of ......
What is managers?
What is Duke?
This drives businesses in a capitalist economy...
What is profit motive?
The study of how individuals and societies make decisions about resources, production, distribution, exchange and consumption of goods and services
What is Economics?
This type of demand occurs when there is a small or no change in demand due to a change in price
What is inelastic demand?
Recruiting, interviewing and hiring to fill organizational roles
What is staffing?
Mr. Shafer's daughter Cora graduated from Crofton HS in.....
What is 2023?
This is known as the "top line"....
What is revenue?
A situation where everyone relies on each other
What is mutual dependence?
What is the law of demand?
The organizational structure that shows who each person reports to
What is chain of command?
Mr. Shafer is ____ foot _____ inches
What is 6'5?
This is known as the "bottom line"
What is income?
This economic system relies on cultural customs, history and ancestral traditions
What is a Traditional Economic System?
This occurs when the quantity supplied exceeds the quantity demanded
What is a surplus?
The shared beliefs, values, goals, attitudes and behaviors of a company's employees
What is company culture?
Mr. Shafer graduated from _________ University
What is Frostburg State?
Expenses tied directly to running a business
What are operating expenses?
Which two economic systems make up a Mixed Economic System?
What is Capitalism and Socialism?
The actual price where quantity demanded equals the quantity supplied
What is equilibrium price?
The process of continuously checking and managing results against company goals
What is controlling?
Coach Shafer coached at this high school before coaching at Crofton HS
What is Archbishop Spalding?
The formula for Gross Profit
What is Revenues - Cost of Goods Sold